“I have posited that recent decades have been unique in economic history. For the first time on a global basis, there were no constraints on either the quantity or quality of Credit. History has shown Credit’s proclivity for instability. I have argued that the transformation to market-based Credit – first in the U.S. and then globally – ensured acute instability. We’ve now seen global monetary managers go to incredible extremes – zero rates, massive ongoing monetization and previously unthinkable market intervention and manipulation – desperate to keep this financial scheme from imploding.”
https://creditbubblebulletin.blogspot.ca/2015/02/store-of-value.html
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